24 Hrs
Source:
الاقتصادية
Aramco Day reveals season’s lowest results
During the announcement day of the second-quarter results, the Saudi market witnessed the largest gathering of companies reporting declining profits or recording losses, with 8 companies out of 115 financial disclosures—about 53%. This is the highest level since the earnings season began in July. Meanwhile, Saudi Aramco achieved a 42% increase in profits compared to last year, surpassing analysts' expectations. Most other companies, however, reported results below expectations, reflecting weak performance and profit declines for over half of the disclosed firms. This downturn coincided with Aramco's announcement, raising questions about the timing of these disclosures—especially since the results suggest that the decline isn't directly linked to the major event, but may be related to regulatory factors or a cumulative pattern in the release of results during the earnings season.
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